GE unloads appliances for $5.5 billion

General Electric sells its appliances business to China’s Haier for $5.4 billion in cash. Bobbi Rebell reports.

GE unloads appliances for $5.5 billion

General Electric is selling its appliances business to Chinese company, Haier, for $5.4 billion in cash.

It’s part of a big picture overhaul by GE to unload its non-core assets and reinvent itself as a technology company.

As for Haier, the company gets a century-old company that makes refrigerators, freezers, washers and dryers across brands, such as Monogram, Café, Profile and Artistry. It trails only Whirlpool in the U.S., and reported revenue of $5.9 billion last year.

The deal, Haier’s biggest ever, will likely give a big boost to its U.S. business, which held less than five percent of the market last year.

GE recently announced plans to move its headquarters to Boston. That will lower its tax bill and give the company better access to talent in city that is fast becoming a tech hub.